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Atlantic Gold Announces Final Results from Resource Extension Programs at Fifteen Mile Stream & Cochrane Hill Gold Deposits

 

 

 

 

 

Atlantic Gold Corporation (TSX-V: AGB) is pleased to provide final drill results for its Resource Extension drill programs which were completed late in 2018 at the Cochrane Hill Gold Deposit and Fifteen Mile Stream Gold Deposit.

 

The Phase 3 Resource Expansion Drill Programs at the Fifteen Mile Stream and Cochrane Hill Gold Deposits between September 2017 and February 2018 successfully identified additional gold mineralization immediately adjacent to previously defined mineral resources at both locations. Compilation and analysis of the results of these programs determined that in the Egerton-MacLean Zone at Fifteen Mile Stream and at Cochrane Hill there remained potential to extend known mineralization.

 

Drill programs totaling 11,385m in 69 drill holes and 16,242m in 70 drill holes were completed at Fifteen Mile Stream and Cochrane Hill, respectively, between mid-September and mid-December 2018 to test interpreted extensions to the known resources. Partial results for these drill campaigns were announced in earlier press releases (See News Releases dated December 5, 2018; January 21, 2019; and, February 6, 2019). Final drill results for these drill programs are contained in this release, tabulated on Tables 1 and 2 and presented in the linked plans and sections.

 

This news release completes reporting of results from the 2018 Phase 3 drill program. All deposits remain open along strike and/or at depth; a review program is currently underway to identify, rate and rank targets across Atlantic Gold’s project portfolio to prioritize exploration targets for further drill-testing in 2019.

 

COCHRANE HILL GOLD DEPOSIT

 

The recently completed diamond drilling at Cochrane Hill continues to confirm extensions to the mineralization defined by the Phase 3 Resource Definition drill program, completed earlier in 2018 and supports other recently published results from the program.

 

Cochrane Hill is located approximately 80km northeast of the Company’s central processing facility at the Moose River Consolidated Gold Mine. Cochrane Hill’s current Measured and Indicated Mineral Resources stand at 10.66 million tonnes at 1.16 g/t Au for 398,000 oz. at a 0.35g/t Au cut-off grade. Inferred Mineral Resources amount to 1.63 million tonnes at 1.32 g/t Au for 69,000 oz. at a 0.35g/t Au cut-off grade (see the Company’s announcement on January 29, 2018)1.

 

The Phase 3 Resource Expansion drilling program at Cochrane Hill was completed in January 2018, with 44 holes for 6,900m having been drilled. Holes were drilled on a nominal 25m x 20m centers to test for resource extensions of this mineralization eastwards and at depth to the northeast. The results of this program were announced in prior news releases; however, these results were not included in the resource estimation referred to above (See Company announcements on March 15, 2018, and April 4, 2018).

 

Results of the Phase 3 drill program defined a robust zone of mineralization below the current pit design to a depth of approximately 180m vertically below surface. This zone was interpreted to be open at depth and to the east, with a potential to expand the current in-pit resource and the relatively shallow pit designed in the January 2018 Pre-Feasibility Study. (See News Release dated January 29, 2018).

 

The Resource Extension drilling program, completed in November-December 2018, was designed to test this potential target area. Initial assay results were included in previous news releases (See the Company’s announcements on December 5, 2018; January 21, 2019; and, February 6, 2019); final drill results are shown in Table 1, below.

 

Host rocks at Cochrane Hill are moderately silicified greywacke and argillite protoliths metamorphosed to upper amphibolite facies, with frequent layer-parallel quartz veining. The deposit is a continuous tabular body, dipping 70o to the north, and is interpreted to be within the overturned sheared southern limb of a tight, near isoclinal anticline that plunges gently to the west.

 

The mineralized zone has an average true thickness of 15-20m and lies between two laterally continuous argillite horizons. Gold mineralization, including frequently visible free gold specks, is associated with pyrrhotite and arsenopyrite. Generally, gold assays are distributed evenly across the mineralized zone; however, several intersections do include single metre assays with elevated gold values that are frequently associated with visible gold on the margins of quartz veins within the host rock.

 

Following the recent drill program, geological interpretation has identified a robust mineralized core zone approximately 325m along strike (Section 2975E – 3300E). This core zone is thicker than average, at 20-25m true width, with steep easterly plunge, as shown by grade distribution on the long section. Higher grades within this zone are spatially related to greater abundance of quartz veining; there is an indication that this zone becomes wider down dip, and it is open at depth. To the east of this zone, smaller, parallel higher-grade shoots have been identified and are also open down plunge.

 

Interpretation and modelling of the mineralized zone continues to assist in targeting further down-dip and strike extensions of the deposit, particularly to the east where initial observations indicate that drilling may have overshot the target due to changes in the interpreted plunge of the mineralization. The steep easterly plunge of higher-grade mineralization fits with both the current deposit scale and the regional scale structural interpretation. The increased understanding of the structural controls on the deposit will lead to potential additional drill targets, including but not limited to down plunge extension of the core zone and eastern ore shoots, and more regionally to other targets in the vicinity of Cochrane Hill.

 

Table 1
Significant Drill Results
(Gold Assay (g/t Au) * Sample Length (m) ≥3.0g/t Au * m)
COCHRANE HILL GOLD DEPOSIT
February 12, 2019

 

 

Hole ID Easting Northing Dip Az. Depth

(m)

Significant Intervals **
From

 (m)

To

(m)

Width

(m)

Grade

(g/t Au)

CH-18-272 3000 3180 -70 180 230 171 172 1 12.35
193 203 10 1.03
CH-18-273 3100 3240 -67 180 350 264 274 10 3.79
incl. 273 274 1 26.00
  279 316 37 2.56
incl. 292 293 1 33.60
CH-18-291 3300 3200 -62 180 266 177 179 2 2.26
            188 197 9 1.50
            201 207 6 2.65
            239 240 1 126.50
CH-18-297 3175 3230 -60 180 290 204 210 6 0.81
234 248 14 0.67
CH-18-298 3075 3180 -70 180 260 174 175 1 17.90
            200 236 36 1.43
            244 249 5 1.51
CH-18-301 3075 3195 -74 180 296 224 229 5 11.37
incl.           224 225 1 51.30
            237 270 33 2.20
incl.           244 245 1 31.00
incl.           257 258 1 25.00
            280 281 1 19.55
CH-18-302 3325 3200 -60 180 247 189 193 4 2.37
216 224 8 1.44
243 244 1 27.40
CH-18-306 3325 3220 -60 180 275 179 180 1 6.31
198 206 8 1.46
212 223 11 0.59
258 260 2 3.08
CH-18-310 3350 3195 -60 180 245 180 182 2 7.29
208 211 3 2.65
CH-18-311 3550 3085 -45 180 82 42 43 1 15.00
CH-18-312 3375 3180 -60 180 224 144 145 1 4.45
            166 188 22 0.59
            211 220 9 1.12
CH-18-314 3550 3060 -45 180 61 33 36 3 3.48
CH-18-315 3350 3215 -60 180 261 213 224 11 0.54
230 240 10 1.09
CH-18-316 3425 3140 -60 180 191 129 135 6 0.71
139 140 1 12.00
174 181 7 0.55
CH-18-320 3150 3186 -67 180 256 198 211 13 1.36
218 219 1 29.80
CH-18-321 3375 3220 -60 180 290 216 217 1 11.15
221 229 8 1.15
CH-18-322 3400 3170 -60 180 221 146 148 2 2.63
159 160 1 4.84
CH-18-324 3400 3190 -60 180 242 176 180 4 2.58
215 221 6 1.02
CH-18-325 3200 3280 -60 180 383 311 312 1 6.12
            320 324 4 2.34
            335 338 3 1.24
CH-18-328 3000 3220 -72 180 320 257 262 5 0.61
  274 277 3 1.10
  282 300 18 1.70
  304 309 5 5.49
incl. 308 309 1 23.50
CH-18-332 3225 3270 -64 180 357 298 299 1 6.11
304 326 22 1.40
Notes:

  • Table includes all assay results which are deemed significant, with [Sample Length (m) * Gold Assay (g/t Au) ≥ 3.0g/t Au*m] and received subsequent to News Release dated February 6, 2019
  • **Significant Intervals are the calculation of the average assay results across the given width for samples which are ≥ 0.5g/t Au allowing for zones of up to 3m length (3 x 1m-length samples) where the assay values are <0.5g/t Au.>
  • Assay values are not cut for the purposes of reporting in this table and some intervals include (“incl”) higher grade individual assay values, as shown
  • All assay results are Fire Assays of 50g charge from 1kg pulverized sub-sample split from ~2mm crushed parent of sawn half 1m NQ core
  • True width of the mineralization varies according to the dip of the host stratigraphy and declination of the relevant drill hole. For intersections quoted above, true width averages approximately 70-90% of the down-hole width.

 

 

 

The accompanying drill plan and cross sections can be viewed here:

https://mma.prnewswire.com/media/824855/Atlantic_Gold_Corporation_Atlantic_Gold_Announces_Final_Results.pdf

 

1The Mineral Resource estimate for the Cochrane Hill Gold Deposit is quoted at a cut-off grade of 0.35g/t. It has an effective date of July 20, 2017 and was prepared as part of a technical report entitled (Moose River Consolidated Project, Nova Scotia Canada, NI 43-101 Technical Report on Moose River Consolidated Phase 1 and Phase 2 Expansion), in accordance with NI 43-101 by Mr. Neil Schofield, a principal of FSSI (Australia) Pty Ltd, released on March 15, 2018, on SEDAR.

 

FIFTEEN MILE STREAM GOLD DEPOSIT

 

The Fifteen Mile Stream Gold Deposit is located approximately 57km northeast of the central processing facility at the Moose River Consolidated Gold Mine. Fifteen Mile Stream’s current Measured and Indicated Mineral Resources stand at 10.59 million tonnes at 1.33 g/t Au for 452,000 oz at a 0.35g/t Au cut-off grade. Inferred Mineral Resources amount to 6.64 million tonnes at 1.12 g/t Au for 240,000 oz at a 0.35g/t Au cut-off grade (see Company announcement dated January 29, 2018)2.

 

The Phase 3 Resource Expansion diamond drilling program at Fifteen Mile Stream was completed at the end of February 2018 with a total of 221 holes and 24,325m drilled. Results of this program were announced in earlier news releases (see Company announcement dated March 15, 2018).

 

At Fifteen Mile Stream, mineralization comprises disseminated gold within argillites and greywackes of the Moose River Formation, as well as coarse gold within bedding-parallel quartz veins. Gold mineralization is concentrated in three zones:  Egerton-MacLean, Hudson, and Plenty (see location plan).

 

 

The Hudson and Egerton-MacLean Zones lie within the hinge and northern limb of the Fifteen Mile Stream Anticline. Secondary folding and fault repetition have led to a larger zone of mineralization in the Egerton-MacLean Zone than in the Hudson Zone. The Plenty Zone is a tabular body within the overturned southern limb of the Fifteen Mile Stream Anticline. The anticline that hosts the Egerton-MacLean Zone plunges to the east, with the northern limb dipping moderately at 70° to the north, and the southern limb overturned and dipping steeply northwards. All drill holes are drilled to the south.

 

Phase 3 drilling reported early in 2018 indicated that mineralization was open both down dip to the north and down plunge to the east. The Resource Extension program completed between September – December 2018, comprised of 11,385m in 69 drill holes, was designed to test this potential target.

 

Resource Extension drill results previously announced further defined disseminated mineralization in the eastern Egerton-MacLean Zone in the core of the anticline and on the northern limb of the anticline in the central and western Egerton-MacLean Zone. High-grade, vein-hosted gold was also intersected in deeper units along the anticline hinge zone (See News Release dated December 5, 2018).

 

The final drillholes completed in the Resource Extension program were located along the northern and eastern end of the Egerton-Maclean zone, targeting deeper, down dip and easterly plunging mineralization. Results from these holes, presented in Table 2, below, include broad zones of lower grade mineralization, essentially defining the northern and easterly limit to the Egerton-Maclean Zone.

 

Table 2
Significant Drill Results
(Gold Assay (g/t Au) * Sample Length (m) ≥3.0g/t Au * m)
FIFTEEN MILE STREAM GOLD DEPOSIT
February 12, 2019

 

 

Hole ID Easting Northing Dip Az. Depth

(m)

Significant Intervals**
From

 (m)

To

(m)

Width

(m)

Grade

(g/t Au)

FMS-18-440 13580 10330 -60 180 259 216 229 13 1.18
FMS-18-441 13625 10330 -70 180 266 198 204 6 0.73
210 214 4 1.05
221 235 14 0.80
FMS-18-442 13580 10330 -70 180 266 198 206 8 1.43
211 230 19 1.02
FMS-18-443 13700 10377 -58 180 251 191 206 15 0.59
FMS-18-446 13548 10380 -54 180 295 233 250 17 0.56
Notes:

  • Table includes all assay results which are deemed significant, with [Sample Length (m) * Gold Assay (g/t Au) ≥ 3.0g/t Au*m] and received subsequent to News Release dated January 21, 2019
  • **Significant Intervals are the calculation of the average assay results across the given width for samples which are ≥ 0.5g/t Au allowing for zones of up to 3m length (3 x 1m-length samples) where the assay values are <0.5g/t Au.>
  • Assay values are not cut for the purposes of reporting in this table and some intervals include (“incl”) higher grade individual assay values, as shown
  • All assay results are Fire Assays of 50g charge from 1kg pulverized sub-sample split from ~2mm crushed parent of sawn half 1m NQ core
  • True width of the mineralization varies according to the dip of the host stratigraphy and declination of the relevant drill hole. For intersections quoted above, true width averages approximately 70-90% of the down-hole width.

 

 

 

The accompanying drill plan and cross sections can be viewed here:

https://mma.prnewswire.com/media/824854/Atlantic_Gold_Corporation_Atlantic_Gold_Announces_Final_Results.pdf  

 

2The Mineral Resource estimate for the Fifteen Mile Stream Gold Deposits is quoted at a cut-off grade of 0.35g/t. It has an effective date of July 20, 2017 and was prepared as part of a technical report entitled (Moose River Consolidated Project, Nova Scotia Canada, NI 43-101 Technical Report on Moose River Consolidated Phase 1 and Phase 2 Expansion), in accordance with NI 43-101 by Mr. Neil Schofield, a principal of FSSI (Australia) Pty Ltd, released on March 15, 2018, on SEDAR.

 

Technical Disclosure

 

All assays reported are 50g charge fire assays of 1kg pulverized sub-sample split from -2mm of crushed parent of sawn half 1m NQ core, with 1-in-10 duplicate assays of the same pulp. Certified standards prepared by a third-party laboratory and blind blanks are routinely inserted. Sample preparation and assaying are conducted at the Sudbury and Vancouver laboratories of ALS Canada Ltd, an entity having no other relationship with the Company. ALS employs a standard routine of duplicate and check assays and reference standards. Standards, blind blanks, and duplicate assay results are within an acceptable range of tolerance. The Company completes a monthly review of QAQC on all assay results which is reviewed by the Qualified Person. Core recovery is estimated for each meter and averages 96%.

 

Douglas A Currie, P. Geo., General Manager-Exploration, a Qualified Person as defined by National Instrument 43-101 has reviewed, verified and approved the contents of this news release.

 

Further updates will be provided in due course and as new information comes to hand.

 

About Atlantic:

 

Atlantic is a well-financed, growth-oriented gold development group with a long term strategy to build a mid-tier gold production company focused on manageable, executable projects in mining-friendly jurisdictions.

 

Atlantic is focused on growing gold production in Nova Scotia beginning with its MRC phase one open-pit gold mine which declared commercial production in March 2018, and its phase two Life of Mine Expansion at industry lowest decile cash and all-in-sustaining-costs (as stated in the Company’s news releases dated January 16, 2019 and January 29, 2018).

 

Atlantic is committed to the highest standards of environmental and social responsibility and continually invests in people and technology to manage risks, maximize outcomes and returns to all stakeholders.

 

Posted February 21, 2019

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